Marine Insurance
Marine Insurance
Introduction Of Marine Cargo Insurance
Marine Cargo Insurance provides comprehensive protection for goods and merchandise during transportation by sea, air, rail or road. This policy covers physical loss or damage to cargo from the point of dispatch to the final destination.
Whether you are importing raw materials or exporting finished products, this coverage safeguards your shipments against a wide range of risks. AFICL's Marine Cargo Insurance solutions protect importers, exporters, traders and logistics companies against all risks associated with the transportation of goods.
Clause A
(Comprehensive / "All Risk")
This is the widest form of cover. It insures against all risks of loss or damage to the subject matter insured except those specifically excluded. This clause provides the most comprehensive protection for your cargo during transit.
Covers all risks of physical loss or damage from any external cause, including theft, pilferage, non-delivery, fresh & rain water damage, breakage, denting, scratching, contamination, and shortage.
Clause B
(Intermediate Cover)
Clause B provides intermediate coverage — broader than Clause C but narrower than Clause A. It covers loss or damage to the subject matter insured reasonably attributable to specific named perils.
Covers fire, explosion, vessel stranding/grounding/sinking/capsizing, overturning/derailment of land conveyance, collision, discharge of cargo at port of distress, earthquake/volcanic eruption/lightning, general average sacrifice, jettison, washing overboard, and entry of sea/lake/river water into vessel/craft/hold/conveyance/container/liftvan or place of storage.
Clause C
(Basic Cover)
Clause C provides basic, minimum coverage. It covers loss or damage to the subject matter insured reasonably attributable to the most fundamental named perils only.
Covers fire, explosion, vessel stranding/grounding/sinking/capsizing, overturning/derailment of land conveyance, collision, discharge of cargo at port of distress, general average sacrifice, and jettison.
| Loss or damage covered under … | A | B | C |
|---|---|---|---|
| Fire and explosion | ✓ | ✓ | ✓ |
| Stranding, grounding, sinking or capsizing | ✓ | ✓ | ✓ |
| Overturning or derailment of land conveyance | ✓ | ✓ | ✓ |
| Collision with any external object other than water | ✓ | ✓ | ✓ |
| Discharge at port of distress | ✓ | ✓ | ✓ |
| General Average sacrifice | ✓ | ✓ | ✓ |
| Jettison of cargo | ✓ | ✓ | ✓ |
| Earthquake, volcanic eruption or lightning | ✓ | ✓ | ✕ |
| Washing overboard | ✓ | ✓ | ✕ |
| Entry of sea, lake, river water to hold or container | ✓ | ✓ | ✕ |
| Total loss of package during loading/unloading | ✓ | ✓ | ✕ |
| Malicious damage | ✓ | ✕ | ✕ |
| Theft and Pilferage | ✓ | ✕ | ✕ |
| Piracy | ✓ | ✕ | ✕ |
| Other Physical loss or damage not specified and not excluded | ✓ | ✕ | ✕ |
| Wilful misconduct of the Assured | ✕ | ✕ | ✕ |
| Ordinary leakage, or loss in weight or volume | ✕ | ✕ | ✕ |
| Ordinary wear and tear | ✕ | ✕ | ✕ |
| Insufficient or unsuitable packaging or preparation | ✕ | ✕ | ✕ |
| Inherent vice | ✕ | ✕ | ✕ |
| Delay | ✕ | ✕ | ✕ |
| Insolvency or financial default of ship owners | ✕ | ✕ | ✕ |
| Unseaworthiness or unfitness of vessel or container | ✕ | ✕ | ✕ |
| War, capture or seizure (but see Institute War Clauses) | ✕ | ✕ | ✕ |
| Strikes, riots or terrorism (but see Institute Strikes Clauses) | ✕ | ✕ | ✕ |
